Crypto Analysis

EOS Price Analysis: Primed For More Gains Above $3.00

EOS price rallied recently after it broke the $2.00-2.20 resistance against the US Dollar. Buyers seem to be back and there could be more gains above $3.00 and $3.05.

Key Talking Points

  • EOS price surged higher and broke the $2.00, $2.50 and $2.55 resistances (Data feed of Kraken) against the US Dollar.
  • There was a break above a key bearish trend line with resistance at $2.00 on the 4-hours chart of the EOS/USD pair.
  • The pair is currently trading below the $2.75 resistance, but it could climb above $3.00.

EOS Price Analysis

After trading as low as $1.54, EOS price started a fresh upward move against the US Dollar. The EOS/USD pair surged higher and broke the $2.00 and $2.20 resistance levels.

EOS Price Analysis Chart

The chart above indicates that EOS price gained solid pace above the $2.20 resistance and the 100 simple moving average (4-hours). It climbed above the $2.50 and $2.55 resistance levels to move into a positive zone.

Besides, there was a break above the 23.6% Fib retracement level of the last slide from the $4.62 high to $1.54 low. More importantly, there was a break above a key bearish trend line with resistance at $2.00 on the same chart.

At the moment, the price is consolidating above the $2.50 level and it is facing a solid resistance near the $2.75 level, which was a support earlier. Above the $2.75 resistance, the price could rally above the $3.00 barrier.

The next resistance is $3.05 and the 50% Fib retracement level of the last slide from the $4.62 high to $1.54 low. In the short term, there could be a downside correction, but the $2.40 level could stop losses.

Below $2.40, the previous resistance at $2.10 and the 100 simple moving average (4-hours) are likely to act as a strong support. Overall, EOS price moved into a solid bullish zone and it may continue to climb towards the $3.00 and $3.05 resistance levels. The key supports are $2.40, $2.20 and $2.10.

The market data is provided by TradingView.

Aayush Jindal
About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets Reach Aayush via email: aayushjindal@ethereumworldnews.com
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